There is more to come as far as Twitter stock shareholding is concerned as Twitter moved Friday to defend itself against Elon Musk’s $43 billion hostile takeover bid, announcing a plan that would allow shareholders to purchase additional stock.
“The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium,” Twitter said in a statement.
It was not going g to be an easy way for Musk who owns nine percent of Twitter shares when he offered $42 billion to totally buy off the entire handle.
A Saudi Arabia billionaire Prince Alwaleed bin Talal tweeted his opposition to the billionaire entrepreneur’s offer to buy the social media company.
The prince tweeted on Thursday from his verified account that Musk’s offer of a $43bn cash takeover of the company does not come close to the “intrinsic value” of Twitter.
“Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer,” the prince said, referring to the Saudi Arabia-based Kingdom Holding Company, which he owns.
But earlier this afternoon Musk questioned Saudi Arabia’s role in Twitter Inc after Saudi Arabia’s Prince Alwaleed bin Talal tweeted his opposition to the billionaire entrepreneur’s offer to buy the social media company.